One of the most important consumer decisions is whether to consume now, or wait until later. A robust finding is that people are much more impatient when delaying consumption than when given the opportunity to accelerate it. Query Theory (Johnson et al., 2007) suggests a cognitive, retrieval-based explanation for this asymmetry. Investigating this account, we used fMRI to study participants (n=20) making binary delay/accelerate choices between rewards varying in value and delivery-delay (immediate/future, or both future). Results supported the involvement of memory (bilateral hippocampus and related regions) and delay-specific activation of valuation-related circuits, and help explain individual differences in discounting.